Gazprombank to end operations in Switzerland

The financial arm of Russian energy giant Gazprom said on Monday it was ending its activities in Switzerland, where it has been excluded from the banking sector over Moscow’s war on Ukraine.

Gazprombank said it would cease its operations in Switzerland after its board of directors carried out a “strategic review of various options” regarding its future business activities.

“The decision is the result of an in-depth strategy analysis” and is being taken “in close consultation” with the Swiss financial market supervisory authority, Gazprombank (Switzerland) chairman Ivan Dun said in a statement.

Existing business relationships will be wound down or referred to external banking partners in the coming months, the statement added.

In March, the Swiss Bankers Association excluded Gazprombank (Switzerland) following Russia’s invasion of Ukraine on February 24.

It also targeted the Swiss subsidiary of leading Russian bank Sberbank.

Gazprombank’s Swiss branch provides products and services for financing international trade.

Switzerland is a major centre for trading raw materials such as oil, metals and agricultural goods. This leads major banks to create subsidiaries in the country to provide services to investors and traders.

Gazprombank (Switzerland)’s presence in the Alpine nation dates back to 1966 and the company has been operating under its current name since 2009.

In July, it announced it was looking for a buyer and weighing up its options. The firm employed around 80 people at the time.

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